The Bloomfield Township Board was presented with other post-employment benefits (OPEB) actuarial results for fiscal year 2020-2021, showing the township is on an upward trend with their benefits, and trustees unanimously approved accepting the results at their meeting on Monday, June 22.
Michelle Boyles of Milliman, which has been the township's actuary for the Bloomfield Township OPEB plan for 13 years, presented the highlights of the April 1, 2020 valuation, for the fiscal year ending March 31, 2021. She said it takes into account anticipated retirements.
She first explained that “2011 was a significant year for your OPEB program because you froze your plan to new hires – going forward, they could participate in health savings plans… Over time, your active population has decreased.”
In addition to active retirees, those employed but enrolled who one day will be retirees, the charts also included spouses and beneficiaries of the OPEB plan. She said the plan also included some who are “terminated and vested – they may have left Bloomfield Township, but are not yet eligible for benefits. They will have these retirement benefits in the future.”
The total active membership in the OPEB plan is 144, comprised primarily of police, fire and township employees; the remainder is made up of individuals from water and sewer departments, building department and the road department.
Boyles explained there are three people in the plan with five to nine years of service; 33 in 10 to 14 years of service; 48 with 15 to 19 years of service; 47 people with 20 to 24 years of service; 11 with 25 to 29 years of service to the township; and two people with 30-plus years with the township.
“Do we expect a lot of retirees in the next five years? Probably not,” she noted. “But if we go out to five to 10 years is where you're going to see a lot of retirements.”
Funding for the OPEB account is at a point that investments for the trust fund are receiving a six percent rate of return, up from four percent.